Hong Kong Banks

Hong is a former British colony, in southeast China, between Canton and Macao. Hong Kong is densely populated, with more than 7 million inhabitants and its huge airport is considered to be one of the most visited in the world. Since July 1, 1997 Hong Kong has been a special administrative region (SAR) of China. Under the principle of one “country, two systems” the Chinese government has agreed to let the capitalist system of Hong Kong to remain unaltered until 2047. The SAR maintains the common law system, although the regulations taxes on businesses and financial services follow the western model. At present, Hong Kong is the third largest financial center in the world (surpassed only by New York and London), the 9th highest economy in the world and the 11th highest exporter of services. It’s external activities in the banking sector take the fifth position worldwide.

The territory hosts the highest number of representatives from banks in the world, including 80 of the 100 most important institutions; in addition, it is the headquarters of more 1300 multinational companies.

Hong isn’t an offshore jurisdiction as such, but it does have a minimum tax system. There are no taxes on capital gain; you don’t have to pay the part of taxes on work that your employer has already paid directly to the government, nor sales tax; VAT doesn’t exist and there are no taxes on income accumulated from companies that retain the above mentioned taxes, instead of distributing them. People don’t pay taxes on income from investments capital earnings, whether or not they are residents.